The Lucas supply function, in combination with the assumption that expectations are rational, implies that announced policy changes
A. will have no effect on real output.
B. will have no effect on nominal output.
C. will have no effect on the actual price level.
D. will have no effect on the expected price level.
Answer: A
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In a production possibilities frontier diagram, the attainable production points are shown as
A) the points inside and the points on the production possibilities frontier. B) only the points inside the production possibilities frontier. C) any of the production points. D) only the points beyond the production possibilities frontier. E) only the points on the production possibilities frontier.
In Coppage v. Kansas (1912), the Supreme Court held that
a. all employers were required to offer employees the option of joining a union. b. an employer's right to require that employees sign "yellow-dog contracts" was protected by the 14th Amendment. c. "yellow-dog" contracts were illegal for any business engaged in interstate commerce. d. using federal troops to break strikes was a legitimate use of police power. e. All of the above.
In the IO perspective, it is important to enter an industry with
a. High barriers to entry b. Low buyer power c. Low supplier power d. All of the above
Most studies have found that tobacco and marijuana are complements rather than substitutes
a. True b. False Indicate whether the statement is true or false